A private research firm says Japan could see a record number of business closures in 2020, as the coronavirus pandemic batters the economy.

Tokyo Shoko Research says more than 35,000 firms suspended operations or closed down from January to August, up 23.9 percent from the same period last year.

The research firm says at this pace, the figure for the entire year could exceed 50,000. That would be the highest number since the survey began in 2000.

Meanwhile, Japan’s labor ministry says the coronavirus outbreak is responsible for more than 60,000 people losing or are about to lose their jobs.

The number is based on reports from regional labor bureaus and public job placement offices. Ministry officials believe the actual figure is much higher.